Bangalore-based Namaste Credit, a leading AI-based credit discovery and assessment platform, today announced that Amazon Web Services (AWS) has recognized its groundbreaking usage of AI to process SME loan applications more efficiently.

Namaste Credit’s AI-based credit assessment solution for banks and NBFCs allows them gather, categorize, and analyze data from scanned documents, thus reducing processing time for complex loans from over 3 days to under 3 hours.

The company has filed three patents on its product offering and licenses it to lenders as a SaaS (software-as-a-service) solution, which is hosted on Amazon Web Services and can be deployed quickly.

In a special keynote address delivered at AWS FinTech Day, which brought together key stakeholders from the financial community to discuss India’s future in FinTech, Lucas Bianchi, co-founder and director, Namaste Credit said that banks and NBFCs using its AI-based solution are able to significantly improve their underwriting of SMEs.

“We are leveraging AI and NLP in SME credit application sourcing and processing. It is built to solve real-world problems of SME credit, thereby creating an impact in the SME ecosystem. Today, our product is helping leading banks and NBFCs to automate credit assessment and make credit decision more intelligent and seamless”, Mr. Bianchi added.

In 2018 Namaste Credit raised $3.8 million in a Series A funding led by Nexus Venture Partners. It plans to further grow the number of its technology licensing partnerships with leading lenders in India and across the globe.

Founded in 2014 and headquartered in Bangalore, the company has set up an online platform that improves the entire loan process from application to underwriting.